Local equity market sustains bearish trend, sheds N207bn

The nation’s stock market experienced the continuation of a negative trend on Friday, declining by N207 billion.

The market capitalisation of listed equities went down by 0.37 per cent to N55.217 trillion from N55.424 trillion reported on Thursday.

The NGX All Share Index also depreciated by 365.51 basis points to 97612.51 points from 97978.02 points traded the previous day.

The market recorded 16 gainers and 20 decliners, indicating predominantly negative market sentiment as year to date return decreased to 30.54 per cent at the close of trading on Friday.

Despite the overall downturn, trading activity was robust as total volume of trades increased by 452.641 million , representing 143.04 per cent as investors traded 769.094 million shares valued at N15.742 billion in 7585 deals against 316.453 million shares cost N7.699 billion exchanged hands the previous day in 7852 deals.

An analysis of the trading during the day showed that International General Insurance led gainers table with 9.93 per cent to close at N1.55 per unit, Cutix Plc followed with a gain of 9.84 per cent to close at N3.35 per unit, Jaiz Bank gained 8.00 per cent to close at N2.16 per share, Sovereign Trust Insurance added 7.69 per cent to close at N0.42 per unit, Japaul Gold gained 7.47 per cent to close at N1.87 per share.

On the contrary, PZ Cusson recorded the highest loss with a drop of 10 per cent to close at N19.80 per share, Ecobank Transnational Incorporated trailed with a drop of 9.98 per cent to close at N21.65 per unit, FBNHoldings dipped by 9.31 per cent to close at N20.45 per share, Conhall Plc down by 8.70 per cent to close at N1.26 per share while International Breweries dipped by 8.52 per cent to close at N3.65 per unit.

The result further showed that Transnational Incorporated led market activities with 554.972 million shares valued at N12.015 billion, United Bank for Africa followed with account of 38.932 million shares worth N743.993 million, Zenith Bank exchanged 24.485 million shares cost N738.323 million, FBNHoldings traded 20.474 million shares cost N420.931 million while AccessCorp traded 15.523 million shares valued at N254.887 million.